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Is the price of Bitcoin about to crash again?
Bitcoin price has been trading sideways within a narrow range of $500 since reaching its historical peak of $112,000 on May 22. The lack of bullish momentum over the past three weeks is raising doubts about the strength of the current rally.
Bitcoin will drop to 100,000 dollars by the end of June?
Bitcoin is at risk of declining volatility after failing to maintain the important resistance level of $106,000 — a zone that market analyst Michaël van de Poppe deems essential to sustain the bullish momentum.
Your chart shows that BTC's latest recovery effort was almost immediately rejected after testing the resistance area of $106,000, leading to a series of Long positions being liquidated and pushing the price back to the $104,000–$105,000 range.
If BTC continues to lose the $105,000 mark, it could return to the liquidity zone of $100,000 in June — something that Van de Poppe sees as a buying opportunity, especially if the market is aiming to sweep out Long orders using leverage once again.
Further reinforcing the bearish trend in the short term, the weekly chart of Bitcoin is signaling a classic bearish divergence between price and momentum.
As shown, while BTC has continuously reached higher highs over the past few months, the relative strength index (RSI) has been forming lower highs, indicating that the bullish momentum is weakening.
If history repeats itself, BTC may correct to the (EMA) 50-week moving average (red line), currently around 85,000 dollars.
This level has also played an important role as support in previous bullish cycles, making it a reasonable target for any mid-cycle corrections.
As of June 14, this index is approaching the range of 0.5–0.6 – a level often associated with local peaks.
On the contrary, at least 30 indicators are predicting that the peak of the Bitcoin bullish market will be at 230,000 dollars. Some trading experts even expect the price of BTC to exceed 150,000 dollars before the end of this year.
Minh Anh